NEW DELHI (Commodity Online): Floods in Thailand and shortage of land for rubber plantation in Malaysia has ignited the supply concerns of the commodity across the globe causing a rebound in rubber prices.
The rising price of synthetic rubber due to recovery in crude oil, which is used to as a raw material, also boosted natural rubber prospects in global markets.
At Tokyo Commodity Exchange (TOCOM) on Thursday, the November futures increased to ¥296.6 (Rs 192.91) from ¥288.8 a kg during the day session and then ¥302.6 (Rs 196.82) in the night session.
The North East monsoon rain in the rubber growing areas of India has also raised the domestic price of the commodity. In National Multi Commodity Exchange (NMCE), the November trade touched Rs 215.01 from Rs 210.12 on Thursday.
Thailand is the largest rubber producer , Malaysia and India are ranked 3rd and 4th in terms of in terms of rubber production.
At India’s National Multi Commodity Exchange of India,( NMCE), Rubber for November contract traded down 0.9% after reaching Rs 21,430 in the morning hours on 28th October.
